Real Estate Blog

If you've been reading the news lately, fraudsters and hackers are everywhere! They're hijacking business and personal computers across the globe demanding a ransom so you can gain access back to your computer. They're sending fake emails asking you to open a Word document, Dropbox link, or Google Drive link that could potentially scrape your personal information to be used for identity theft. They're emailing you "from" UPS and FedEx claiming an urgent, overnight package can't be delivered.
We often joke at the closing table that a borrower is about to sign their life away. Maybe it's not that serious, but signing the promissory note and deed of trust at closing is a life-changing event.  
Selling property does not have to be a stressful process. For most sellers, it can be a matter of signing the paperwork and sitting back to wait for a check. However, often sellers are nervous or apprehensive about what the final closing will bring. Below are 5 things a seller should know about closing.  
Recently, a neighborhood HOA approached me with a question regarding family care homes in North Carolina. The HOA contained covenants and restrictions which limited the use of homes in the neighborhood to single family residences only.   The question was whether an owner in the neighborhood could establish a family care home based on the neighborhood restrictions. Despite the restrictions written in the HOA covenants, the answer is yes, the owner can establish a family care home. The jurisdiction of the Family Care Home bill supersedes any restrictions imposed by the HOA. 
Occasionally we answer questions regarding Leases with Options to purchase, also known as “lease-purchase” or “rent to own” transactions. Normally the questions I receive are from buyers or realtors representing buyers who would like to purchase a home yet due to an extenuating circumstance they cannot move forward with the purchase. Sometimes in these cases, a seller will entertain a lease with option contract where they commit to sell property to a buyer while holding an offer to sell open for a set period of time, the “option period."
In my first blog “Life Estates in North Carolina,” I noted that a life estate is the interest in property that is measured by the life of a person.  It can be granted to someone for his or her lifetime or for the lifetime of another.  The life estate interest gives the holder the right to all the benefits of the property during the lifetime for which it is granted.
A “Greenway” is usually defined and promoted as an area or strip of land which is preserved for recreational use or environmental protection – though in most cases other benefits are publicized, as well.  Typically, Greenway land consists of underdeveloped or vacant properties which are acquired by municipal or other government entities through condemnation proceedings or private donation.  Greenways usually connect separate city neighborhoods through a series of pedestrian walkways and trails.     
Pursuant to the Consumer Financial Protection Bureau (CFPB) rules implemented on October 3, 2015, real estate attorneys should obtain certification as being ALTA (American Land Title Association) Best Practices compliant and should maintain and enforce written policies and procedures to protect client privacy. Maintaining clean desk and document storage policies has resulted in real estate firms across the state embracing paper-less environments. Managing and storing documents electronically helps to mitigate security risks and adhere to CFPB requirements.
In short, you probably will not receive a new deed. Under North Carolina law, ownership of real property passes to heirs or devisees as of the date of a decedent’s death, unless it needs to be sold to pay estate claims. This means that unless the Administrator or Executor of the estate of the person who passed needs to sell the property to pay claims, the heirs or devisees own the property immediately. So, in most cases, if you have inherited property in North Carolina there is no need for a new deed. 
WHAT IS IT AND WHY DO YOU NEED TO PROVIDE IT? Sellers of real property in North Carolina have a lot of obligations to fulfill before selling their property such as ensuring they can provide good title to the buyer  and making needed repairs. However, there is another obligation many homeowners do not realize exists, especially those selling their home without  the aid of a licensed real estate agent. 

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